Markets
1,667 active markets across 14 chains · $5.14B active loans · $280.52M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-12
Top 10 markets by active loans
Bars colored by collateral asset class · hover for utilization.
Utilization × borrow APY
Each dot a market. Bubble size = supply USD, color = collateral asset class. APY clamped at 100% (degenerate IRMs excluded).
LLTV distribution
Supply-USD-weighted. Where Morpho's risk concentrates. Bars colored by the bracket's dominant collateral class.
Market directory: 2,157 matches
Click a header to sort, a row to copy its unique key. Supply/Borrow APY clamped at 100% (degenerate IRMs show "N/A").
| Chain· | Loan· | Collateral· | LLTV· | Supply↑ | Active Loans· | Util· | Supply APY· | Borrow APY· | Borrow Int.· | Age· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | USDC | thBILL | 95% | $17.78K | $15.44K | 86.8% | 10.68% | 12.40% | $1.91K | 380d |
| Ethereum | AUSD | stcUSD | 92% | $17.78K | $16.11K | 90.6% | 4.07% | 4.51% | $725.75 | 247d |
| HyperEVM | USDe | UBTC | 86% | $17.87K | $11.38K | 63.7% | 7.83% | 12.56% | $1.43K | 492d |
| Ethereum | AUSD | WBTC | 86% | $18.47K | $16.74K | 90.6% | 3.39% | 3.74% | $626.88 | 750d |
| Base | WETH | RSS | 77% | $18.65K | $18.65K | 100.0% | 21.98% | 21.98% | $4.1K | 52d |
| Katana | vbUSDT | avKAT | 63% | $18.68K | $1.74K | 9.3% | 0.09% | 1.01% | $17.59 | 119d |
| Katana | vbETH | N/A | 0% | $18.71K | $0 | 0.0% | 0.00% | 0.00% | N/A | 449d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-1 | 63% | $19.01K | $19.01K | 100.0% | N/A | N/A | N/A | 450d |
| Ethereum | USDC | CTOKEN3 | 86% | $19.03K | $19.03K | 100.0% | N/A | N/A | N/A | 121d |
| Ethereum | RLUSD | sUSDe | 92% | $19.03K | $1.07 | 0.0% | 0.00% | 1.98% | $0.02 | 191d |
| Ethereum | USDC | CTOKEN2 | 86% | $19.04K | $19.04K | 100.0% | N/A | N/A | N/A | 115d |
| Base | WETH | RSS | 77% | $19.17K | $19.17K | 100.0% | 17.52% | 17.52% | $3.36K | 52d |
| Base | USDC | stkWELL | 63% | $19.66K | $16.72K | 85.0% | 3.95% | 4.66% | $778.76 | 330d |
| Robinhood Chain | USDG | WETH | 77% | $19.82K | $11.17K | 56.4% | 0.04% | 0.08% | $8.75 | 47d |
| Ethereum | USDC | CARRY | 77% | $20.03K | $18.03K | 90.0% | 6.27% | 6.99% | $1.26K | 18d |
Morpho markets are isolated lending positions: one loan asset, one collateral asset, one fixed LLTV, one IRM. Each market is independent. No shared liquidity, no cross-market contagion. Supply USD is what lenders have deposited; Active Loans is what borrowers have drawn. Utilization is loans ÷ supply. LLTV is the maximum loan-to-value at which a position can be opened without liquidation risk. Borrow interest = active loans × borrow APY (clamped at 100%).
Supply/borrow APY ≥ 100% are saturated-utilization IRM blow-ups (BONDUSD/USR, K/USDC on Arbitrum, the HERMES family on Base). Those rows show ". " and are excluded from weighted KPIs, the histogram and the scatter. Bad debt is Morpho's stored unrealized figure.
Datum Labs. (2026). Morpho Research Terminal: Market directory. Retrieved September 12, 2026 from /markets.